Dubai And Abu Dhabi Stock Markets To Link Up Soon

by Lorys Charalambous, Tax-news.com, Cyprus

01 May 2001

According to local press reports, a tie-up between the Dubai and Abu Dhabi stock exchanges could soon be on the cards. The offical bourses of the two emirates - the Dubai Financial Market and the Abu Dhabi Securities Market - are said to be "technologically ready" for the establishment of a common platform and it's reported that offical paperwork "is now in the final stages".

The proposed link-up between Abu Dhabi Securities Market and Dubai Financial Market is widely expected to bring numerous benefits to the two stock markets, and market sentiment is expected to improve. However, linked online operations must await ISDN installation, training of brokers and related issues, all of which are likely to be completed within two months, according to officials.

Meanwhile, New York-based financial news channel CNBC is understood to have approached UAE stock market officials four months ago with a view to airing real-time quotes of popular shares on its services. The quotes would be those issued by a unified UAE stock exchange. Last week, General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister, held talks with the director of CNBC over the role the news network could play and welcomed its decision to open a regional office at Dubai Media City to cover the Gulf and Middle East. Its Dubai operation is expected to go on air by May 26.

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